Andrew Torres, current Councilman seeking re-election, moved to Peekskill from Rockland in 1997. He went through a divorce in 1996. The record shows he and his first wife were HOMEOWNERS IN ROCKLAND COUNTY. So far, so good, in fact, pretty typical. Mr. Torres then relocated to Peekskill, remarries and like others, rents to save his nickels to buy another home. When he does, he buys in the most exclusive residential community in Peekskill, the 'mortgage hill' area where many have struggled and saved for years and years to move into.
Here's the tricky part: He buys a $290,000 home on December 20, 2006 with an out-of-pocket payment (a/k/a his own money) of ZERO! Thats right, when the rest of us struggle to save 10% or 20% for a down payment (which would be $29,000.00 or $58,000.00 for Mr. Torres) but Mr. Torres skates in putting down $2,200. He does this by obtaining 3 different mortgages all signed on the closing date. The first held by the Bank of America in the amount of $232,800 which would be standard. The second mortgage through the NYS Affordable Housing Program is a form of a grant in the amount of $25,000. The third mortgage was also a form of a grant from Community Housing Innovations in the amount of $30,000. Nice work Mr. Torres! But now a fourth mortgage for $7,648.27 covers the balance and closing costs. Wow!
The problem with these mortgages is that they are reserved for first time home buyers and generally cannot be 'piggy-backed' on top of each other. I think Councilman Torres owes not just the public an explanation but also the state. First, as a public official and secondly as one who executed documents certifying he met the program requirements. Keep in mind that these laudable programs are designed to help first time home buyers who have incomes below a designated amount, but the money is not unlimited as there is only just so much the program can award. Therefore a 'grant' to an undeserving person like Mr. Torres means that a deserving family was shut out of the dream of home ownership. Think about that as you write your next mortgage payment or recall how much YOU put down on your home.
